Turners Auctions 2006 profit down 37pc to $3.17m

Published February 23rd, 2007

Turners Auctions has reported a 37 per cent fall in net profit after tax to $3.17 million for the 2006 calendar year.
The result compared to $5.02 million a year earlier, with the company saying that vehicle and finance market conditions had been a major contributor to the decline.
Operating revenues were down 7 per cent to $74.3 million, with a fully imputed final net dividend of 3.5 cents per share to be paid.
Turners said today that the number of used imported vehicles being bought and sold had been at their lowest level in more than five years.
New registration of used imports was down 13 per cent in the first half and 26 per cent in the second half, with global competition for used Japanese vehicles intensifying.
There was also a temporary reduction in New Zealand new vehicles from lease companies, Turners said.